American Express CFO says spending picked up at year-end, thanks to millennials and Gen Z

American Express CFO says spending picked up at year-end, thanks to millennials and Gen Z


Key Points
  • American Express’ affluent cardholders got comfortable spending more freely again late last year, Chief Financial Officer Christophe Le Caillec told CNBC.
  • Spending on AmEx cards jumped 8% year over year in the fourth quarter after slowing down from a 7% growth rate early in the year to 6% in the second and third quarters, according to the firm’s earnings presentation.
  • The pickup was especially fueled by millennials and Gen Z users, who spent more on experiences such as travel and entertainment.



Source

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